Blockchain PR is consistently different from regular PR in a number of ways, firstly, the rules on what a marketer can do with those two different types of PR are quite disparate and as a result of this, the costs could barely be further apart. Blockchain PR is much more expensive than digital PR.
This means that to be able to be successful, Blockchain PR campaigns need to be both efficient and effective to ensure the success of the business. In this article, we’re going to explain why blockchain PR is more expensive than digital PR and we’re going to share some advice on how you can save money on your campaign, allowing you to lengthen your PR campaign or divert the funds elsewhere in your business.
What is Digital PR and Blockchain PR?
Digital PR:
PR is typically split into two categories, traditional and digital PR. Traditional PR tends to focus on using the news media, printing, TV, and radio to drive home the message about their brand to their customers. This type of PR was the dominant form for very many years and it has only been overtaken by digital PR in the information age.
Compared to traditional PR, digital PR can be a lot cheaper than traditional and it has many more different channels than traditional PR. These channels include company websites, social media, video sites, blogs, instant news, and influencer marketing,
Blockchain PR
On the face of it, blockchain PR may look like it’s exactly the same as digital PR, however, it’s more of an art form than digital PR and much more niche and this has been the case since the 2017 crypto boom. Furthermore, blockchain PR also has to make use of more creative and specialist methods to generate buzz, due to certain limitations. These limitations have made blockchain marketing more
Social Media Advertising Ban
One of the first reasons that blockchain PR has become more expensive than digital PR is due to the fact that many social media platforms and other platforms like Google have placed bans on cryptocurrency-related ads. The reason this made blockchain PR more expensive is that blockchain projects now have to use other means of marketing, such as expensive guest posts to help generate buzz and authority for their campaigns.
For example, a guest post on CoinTelegraph will cost $3,700, and mentions on Forbes can cost as much as $1,700. In comparison, PPC campaigns can cost a lot less and you can guarantee that you’re going to increase your chances of converting by 1.5x.
Inefficient Campaigns
As we previously went over, blockchain PR’s expenses are greatly inflated due to the increased need to buy guest posts, in fact, many blockchain marketing campaigns can cost as much as $60,000 per month. This makes it incredibly quick and easy for a company to burn through its budget.
Despite this, a lot of PR firms and projects don’t help themselves because they don’t focus on SEO and also end up creating inefficient campaigns through a number of mistakes. These inefficiencies lead to large expenses that tend to cause campaigns to run out of money before they can generate enough buzz for their fundraising efforts.
Firstly, campaigns regularly suffer from the problem of the project not varying their PR distribution. What this means is that generally, many projects will try to spend as much money as they can on articles and PR content that is going to be posted on high-value publications like Forbes or CoinTelegraph.
This may seem like the right decision at first, but when you consider that many of these articles may get only a few views, you realize it’s just throwing money away. It is better to also try and get your content shared to a few lower-use, but still niche and respected publications in your sector.
Furthermore, you can make use of social media marketing on popular crypto platforms such as Reddit, Twitter, Steemit, BitcoinTalk, and LinkedIn to generate interest, buzz, and authority to help your campaign. With more than 50% of the world now using social media, you’d be shooting yourself in the foot not to. You should also think about your target audience, as the average crypto enthusiast is a male between the ages of 25–34.
By doing this, you can still get similar amounts of traffic on average (ie. if your article blows up on Forbes, you’ll be amazing) and you can sustain your campaign for longer by saving money. This long-term aim will help your campaign more. You should really hire an expert blockchain PR firm to help you with this.
Campaigns Lacking SEO
SEO is a part of blockchain PR that is usually overlooked due to the fact that projects will normally focus on making a quick splash before their fundraising efforts begin, normally by blasting out PR articles and massive amounts of poor content on social media. Yes, alas, they do not focus on SEO until it is too late. Leads coming from SEO convert at 14.6%, making it a powerful tool to kickstart your PR.
SEO itself is the process of making the quantity and quality of traffic on your site better by using a number of techniques to get your content flagged by the 200 metrics Google uses to rank content on their search engine. You should also make sure your website loads quickly as people are 45.4% less likely to sign up to or buy from a slow-loading website.
To make the most of SEO and to get the best benefit, it is preferable to begin writing content on your blog, in long-form to ensure that you are getting over 70% more backlinks compared to shorter content. Having a few comprehensive guides about your specialist area will do wonders for your SEO down the line as it takes pages time to creep up through the search rankings. It is also imperative to make good use of SEO as 75% of people won’t even bother to check past the first page of Google rankings.
Building a real sense of community is also important as, the more people that share your content and articles on your business hosted by news sites, the better your SEO will be. This is why you should never buy followers, as it is just throwing money away on something that doesn’t improve your overall brand awareness. It is another unneeded expense in an already expensive campaign. It’s also really obvious when you do it.
Introducing good SEO practices on the other hand can help to decrease your overall PR costs by boosting your brand awareness over time.
Unrealistic and Poor Hype Management
One of the final reasons that blockchain PR campaigns are more expensive than digital PR campaigns is the mismanagement of hype. Of course, all campaigns aim to generate hype and buzz for their projects, but it is all about timing. If you decide to go in too deeply on your campaign too early, then the hype might die down before your fundraiser and you’ll have to spend more to compensate.
Alternatively, if you begin to generate hype too late, then not enough people will be drawn to your fundraiser for your project to make enough money.
Another common problem that can make a campaign more expensive is not being genuine with your hype. For example, if you are telling your customers through articles that your project is changing the world when it actually isn’t, then you are going to lose a lot of trust. This is going to cause bad PR for your company and you’re going to need to invest additional money into your campaign to compensate for that.
Depending on how it is managed, hype can last between a few months to a year or more. Of course, you want to make sure that you are extending it for as long as possible.
Conclusion
In this article, we have discussed the reasons for blockchain PR being more expensive than digital PR. The first reason that we identified was that the social media advertising ban cut blockchain projects off from a quick, easy, and relatively inexpensive way of essentially guaranteeing a return from PPC advertising.
Secondly, we also discussed that poorly designed campaigns are ballooning the costs required to get good results from your blockchain PR campaign. To mitigate this risk, you should hire an external, reputable, and effective blockchain marketing company.
We also found that issues surrounding a lack of SEO and poor management of hype are also making campaigns more expensive to achieve the desired results.